Clients with entities in the British Virgin Islands (BVI) constantly face the challenge of keeping their records management up to date.
The need to update internal data and procedures, such as changes in structure or shareholders, can become overwhelming when added to daily business activities.
At OMC Group, we provide solutions that allow us to support you in navigating these requirements. Our role goes beyond being a global service provider; we are a strategic ally that assists you in meeting regulatory standards on time and without complications for those leading the business
What is Beneficial Ownership Filing?
One of the most important regulatory aspects of compliance in the British Virgin Islands (BVI) is the Beneficial Ownership Filing of entities incorporated in this jurisdiction. The information to be filed in VIRRGIN is about the natural or legal person who holds a percentage of ownership, shares, or voting rights (10% or more) or exercises effective control over a legal entity incorporated in this jurisdiction.
The type of information required for the Beneficial Ownership Filing will depend on the type of person.
In the case of a natural person, the following must be included:
- Full name.
- Date of birth.
- Place of birth.
- Gender.
- Occupation.
- Nationality.
- Primary address.
- Country of residence.
- Nature of interest or control over the entity.
In the case of beneficial owners that are legal entities, the full information of the entity must be reported (name, registration number, jurisdiction, address, and nature of control). If the legal entity is a trust with a regulated trustee in BVI, it is sufficient to register the name of the trustee; however, when the legal entity is not regulated, the natural persons who exercise control over it must also be identified
Confidentiality and Data Updates
The confidentiality of the information submitted during the Beneficial Ownership Filing is a fundamental aspect. The data is strictly private, and only the British Virgin Islands (BVI) authorities have access to it. Nonetheless, as of 2025, new amendments were introduced where third parties with legitimate interest may request access to specific information in VIRRGIN under strict requirements.
It is crucial to update the information if there is a change in the data of the person held as a beneficiary, such as a new physical address or country of residence. Any information must be updated within a period not exceeding 30 days
Consequences for Non-Compliance
British Virgin Islands (BVI) entities that do not complete their Beneficial Ownership Filing on time face consequences, as non-compliance may result in the imposition of fines, sanctions, and penalties.
If an existing entity does not submit this information within 30 days of the date of incorporation or a change in the registration information, its ability to submit requests through VIRRGIN may be suspended, and it risks being struck off the registry if the corresponding fine is not paid within a maximum period of 6 months.
By choosing OMC Group, your team partners with a global service provider that offers comprehensive support. Our team will be by your side to facilitate the Beneficial Ownership Filing flow—and any other necessary procedures—ensuring that your company stays up to date and in full compliance.
